5 best credit cards offering the fuel surcharge waiver benefits

Fuel surcharges may appear to be an additional burden when the price of petrol is increasing. Fortunately, fuel surcharge waiver credit cards offer a brilliant way to minimise this cost. Besides the convenience of cashless transactions, these cards help you avoid extra charges at petrol stations. For this reason, here is a list of the best fuel credit cards to help you save money on each fill-up.

What are credit cards?

Banks and other financial institutions issue credit cards, which are, in fact, financial instruments that help you borrow money up to a decided amount. The borrowed sum has to be repaid within a certain time duration, usually with additional interest if not paid in entirety, though you can apply it for purchases or draw cash.

What is a fuel credit card?

Fuel credit cards are particularly designed to deliver savings and convenience at the pump. Common features include returns on fuel purchases, rewards points, waivers for fuel surcharges, and sometimes even discounts on services like auto repair or roadside assistance.

Top 5 fuel credit cards

Source: BankBazaar, as of 08th December, 2024

Benefits of top fuel credit cards

1. BPCL SBI Card OCTANE: For every 100 spent at department stores, restaurants, movies, and grocery, you'll earn five times as many reward points. Earn a value-back of 7.25% on purchasing petrol. Transactions up to ₹4,000 on the credit card do not incur the fuel surcharge. 

2. Indian Oil Kotak Credit Card: Benefits of cashback and value-back, you can save up to 5% at Indian Oil pumps while buying fuel. Enjoy 2% in reward points when you dine and dine out for groceries. Earn 0.5% in reward points on more spends.

3. ICICI HPCL Coral Credit Card: Benefits of cashback and value-back, it provides2.5% cash back on fuel spent at HPCL pumps (max ₹100 per transaction).

4. Indian Oil HDFC Bank Credit Card: When you fill fuel at the Indian Oil stations, 5% extra fuel points will be earned. 5% in fuel points on your grocery expenses. 1 fuel point earned for every ₹150 expended elsewhere

5. ICICI HPCL Super Saver Credit Card: Earn 5% in fuel points for buying the fuel at the Indian Oil stations. Get 5% in fuel points for bill payments and grocery purchases. For every ₹ 150 paid, you earn 1 fuel point.

How to choose the best fuel credit card?

Consider the following factors when selecting a fuel credit card:

• Savings potential: Calculate how much you can save on gas purchases.
• Oil company partnerships: Check if the benefits are available across the country or only at specific petrol stations.
• No surcharge fee: Check if the card does not charge gasoline fees.
• Spending limits: To maximise your rewards, ensure that the spending limit is not too low.
• Annual fees: Study the annual fee to determine whether it can be waived with a particular annual spending threshold.

In conclusion, select the right credit card to help you minimise your fuel expenditure and thus reduce the surcharge burden. Choose one that is tailored according to your choices and spending behaviour to optimise the savings that you get from it. Avoid paying for interests, hence never utilize your credit card carelessly and always ensure that the entire amount payable at the end of each month is paid completely.

(Note: Using a credit card carries its own set of risks)